Empowered Funds LLC Grows Position in Align Technology, Inc. $ALGN

Empowered Funds LLC increased its holdings in Align Technology, Inc. (NASDAQ:ALGN) by 279.0% in the 1st quarter, Holdings Channel reports. The institutional investor owned 6,311 shares of the medical equipment provider’s stock after purchasing an additional 4,646 shares during the period. Empowered Funds LLC’s holdings in Align Technology were worth $1,082,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also bought and sold shares of ALGN. Sunbelt Securities Inc. grew its stake in Align Technology by 222.4% during the fourth quarter. Sunbelt Securities Inc. now owns 158 shares of the medical equipment provider’s stock valued at $25,000 after acquiring an additional 109 shares in the last quarter. Blue Trust Inc. lifted its stake in Align Technology by 77.5% in the 1st quarter. Blue Trust Inc. now owns 158 shares of the medical equipment provider’s stock worth $27,000 after purchasing an additional 69 shares in the last quarter. Tobam purchased a new stake in Align Technology in the 4th quarter worth approximately $30,000. Hollencrest Capital Management bought a new position in Align Technology in the 1st quarter valued at $34,000. Finally, Caitong International Asset Management Co. Ltd boosted its holdings in Align Technology by 1,773.3% in the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 281 shares of the medical equipment provider’s stock valued at $35,000 after purchasing an additional 266 shares during the period. 88.43% of the stock is currently owned by hedge funds and other institutional investors.

Align Technology Stock Performance

ALGN stock opened at $173.66 on Friday. The firm has a market cap of $12.44 billion, a P/E ratio of 30.20, a P/E/G ratio of 1.85 and a beta of 1.65. The firm’s fifty day moving average is $175.06 and its 200 day moving average is $175.27. Align Technology, Inc. has a 52 week low of $122.00 and a 52 week high of $200.43.

Align Technology (NASDAQ:ALGN) last announced its quarterly earnings results on Wednesday, July 29th. The medical equipment provider reported $2.64 EPS for the quarter, topping analysts’ consensus estimates of $2.62 by $0.02. Align Technology had a return on equity of 15.86% and a net margin of 9.99%.The business had revenue of $1.06 billion for the quarter, compared to analysts’ expectations of $1.05 billion. During the same period in the previous year, the firm earned $2.49 EPS. The business’s quarterly revenue was up 4.3% on a year-over-year basis. As a group, analysts forecast that Align Technology, Inc. will post 9.38 EPS for the current year.

Align Technology declared that its Board of Directors has initiated a stock repurchase plan on Wednesday, April 29th that authorizes the company to buyback $200.00 million in outstanding shares. This buyback authorization authorizes the medical equipment provider to reacquire up to 1.6% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.

Analyst Upgrades and Downgrades

ALGN has been the topic of several research analyst reports. Morgan Stanley upped their price target on shares of Align Technology from $169.00 to $188.00 and gave the stock an “equal weight” rating in a report on Friday, April 24th. Citigroup began coverage on Align Technology in a research note on Wednesday, April 15th. They set a “buy” rating and a $240.00 price objective for the company. BMO Capital Markets started coverage on Align Technology in a research report on Wednesday, July 8th. They set an “outperform” rating and a $209.00 target price for the company. Wall Street Zen lowered Align Technology from a “strong-buy” rating to a “buy” rating in a research note on Saturday, August 1st. Finally, Weiss Ratings lowered Align Technology from a “hold (c)” rating to a “hold (c-)” rating in a research note on Monday, August 3rd. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and six have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $206.36.

About Align Technology

Align Technology, Inc (NASDAQ: ALGN) pioneered the use of digital technology in orthodontics through the development of the Invisalign system, a series of clear, removable aligners that provide an alternative to traditional metal braces. Since its founding in 1997 by Zia Chishti and Kelsey Wirth, the Tempe, Arizona–based company has expanded its focus to include intraoral scanners, CAD/CAM software for dental laboratories and comprehensive digital dentistry solutions.

The company’s signature Invisalign system leverages 3D imaging and computer-aided design (CAD) to create customized aligners that gradually reposition teeth, improving patient comfort and treatment predictability.